W5 Coaching - How to Do More With Less... Leverage Is the Key to Business Success
W5 Coaching
2016-07-04
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http://w5coaching.com [email protected]
Mark: Good morning, it’s Mark from Top Local Lead Generation, we’re here with John Nieuwenburg, he’s a business coach in Vancouver, serving clients all over the world.
We’re going to talk about how to use leverage in your business. How is that doing more with less in leverage, how is that the key to business success?
John: Well, leverage is the key to growing your business. So if your standard of success is growth, then leverage is the best way to do that. Leverage is available or possible for just about all of us in business, and so my challenge for you guys today is to think about how you can use leverage in your business. So there’s seven forms of leverage, so let’s just walk through the list and maybe give you a quick example.
So number 1 is OPM or Other People’s Money. So an example of that of course, is franchising your business because then you’re growing your brand, your business, the number of customers your business has because you’re using other peoples money to get access to your business model and that’s franchising.
2. Other People’s Time - and that’s hiring freelancers or more traditional, getting employees.
3. Other People’s Work - outsourcing or like what you get with Elance of Upwork or even bookkeepers like Legacy Advantage.
4. Other People’s Experiences - that’s getting a mentor or coach, or reading blogs or books. And of course, that’s the one that I recommend. That if you want to scale your business or grow your business faster, you can probably do that on your own, but getting a mentor or relying on books is going to get you there faster. Experience is a great teacher but it takes time and it’s expensive.
5. Other People’s Ideas - a simple example of that is venture capitalists, rely on other peoples ideas to grow their money.
6. Another form of leverage is Scalable Production and Distribution and that’s when you think about Amazon or Costco or Walmart.
And number seven is Scalable Customer Base - and that’s iTunes or Evernote or Dropbox and they can grow their business without really growing the complexity because server time is really easy.
Now the one example or the one challenge that I sometimes get is I’m a solopreneur and how do I get leverage because none of these other dimensions apply to my business. And that’s the one, here’s the thing that you can scale or leverage in your business if you’re a solopreneur, and that is scale the quality of your customers. So if you’re currently working with customers that set an hourly rate, I’m just going to make up a number, let’s say $200 per hour, that is a way of saying that’s how much value you create in the marketplace.
https://www.facebook.com/john.nieuwenburg?ref=ts
https://twitter.com/W5Coaching
http://www.youtube.com/w5coaching
http://www.linkedin.com/pub/john-niuwenburg/1/6a6/b46
http://www.youtube.com/watch?v=lM6q__QNzrM
http://www.youtube.com/watch?v=DLeaUnzND-Y
Mark: Good morning, it’s Mark from Top Local Lead Generation, we’re here with John Nieuwenburg, he’s a business coach in Vancouver, serving clients all over the world.
We’re going to talk about how to use leverage in your business. How is that doing more with less in leverage, how is that the key to business success?
John: Well, leverage is the key to growing your business. So if your standard of success is growth, then leverage is the best way to do that. Leverage is available or possible for just about all of us in business, and so my challenge for you guys today is to think about how you can use leverage in your business. So there’s seven forms of leverage, so let’s just walk through the list and maybe give you a quick example.
So number 1 is OPM or Other People’s Money. So an example of that of course, is franchising your business because then you’re growing your brand, your business, the number of customers your business has because you’re using other peoples money to get access to your business model and that’s franchising.
2. Other People’s Time - and that’s hiring freelancers or more traditional, getting employees.
3. Other People’s Work - outsourcing or like what you get with Elance of Upwork or even bookkeepers like Legacy Advantage.
4. Other People’s Experiences - that’s getting a mentor or coach, or reading blogs or books. And of course, that’s the one that I recommend. That if you want to scale your business or grow your business faster, you can probably do that on your own, but getting a mentor or relying on books is going to get you there faster. Experience is a great teacher but it takes time and it’s expensive.
5. Other People’s Ideas - a simple example of that is venture capitalists, rely on other peoples ideas to grow their money.
6. Another form of leverage is Scalable Production and Distribution and that’s when you think about Amazon or Costco or Walmart.
And number seven is Scalable Customer Base - and that’s iTunes or Evernote or Dropbox and they can grow their business without really growing the complexity because server time is really easy.
Now the one example or the one challenge that I sometimes get is I’m a solopreneur and how do I get leverage because none of these other dimensions apply to my business. And that’s the one, here’s the thing that you can scale or leverage in your business if you’re a solopreneur, and that is scale the quality of your customers. So if you’re currently working with customers that set an hourly rate, I’m just going to make up a number, let’s say $200 per hour, that is a way of saying that’s how much value you create in the marketplace.
https://www.facebook.com/john.nieuwenburg?ref=ts
https://twitter.com/W5Coaching
http://www.youtube.com/w5coaching
http://www.linkedin.com/pub/john-niuwenburg/1/6a6/b46
http://www.youtube.com/watch?v=lM6q__QNzrM
http://www.youtube.com/watch?v=DLeaUnzND-Y
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